Polisan Holding

POLISAN HOLDING
March 2015
NOTICE
2
This presentation may contain statements that are forward looking.
These statements are based on current expectations and assumptions
that are subject to risks and uncertainties which may cause actual
results to differ materially due to factors discussed in Polisan Holding’s
prospectus filed during the IPO of the Company in compliance with the
procedures of the Capital Markets Board of Turkey. We undertake no
duty to update or revise any forward looking statements, whether as a
result of new information, future events or otherwise.
POLISAN HOLDING: POISED FOR GROWTH IN ALL BUSINESS LINES
CHEMICAL
ACTIVITIES
PAINT
100%
100%
51%
40%
INTERNATIONAL
EXPANSION
3
100%
PORT
OPERATIONS
AGRICULTURE
93%
100%
REAL ESTATE
100%
POLISAN HOLDING STRATEGY: TO MAXIMIZE SHAREHOLDER VALUE
Sustaining Profitable Growth of Existing Businesses
Maximizing Intra-Group Synergies
Forming Strategic Alliances to Expand in High Margin, New Business Lines
Utilizing Holding’s Other Assets in its Portfolio
Professional Management Dedicated to Have a High Level of Corporate Governance
4
POLISAN HOLDING: START UP POLISAN HELLAS GROWS TOP LINE
Revenue
17%
2014
With
Polisan
Hellas
2%
EBITDA
EBITDA Margin
773
800
585
600
18%
508
471
54%
400
13.8%
9%
15.1%
15.5%
200
Polisan Boya (Paint)
Polisan Kimya (Chemical)
Other
0
0.0%
2011
EBITDA
2013
2014
EBITDA Margin
635
585
600
508
471
11%
400
66%
200
13.8%
65
Polisan Boya (Paint)
Poliport
Polisan Kimya (Chemical)
Other
Please note pie charts represent combined figures excluding intra-group eliminations.
15.1%
76
15.5%
91
18.2%
115
0
0.0%
2011
5
2012
Revenue
2%
21%
2014
W/o
Polisan
Hellas
Poliport (Port)
Polisan Hellas (PET)
100
91
76
65
13.0%
2012
2013
2014
TURKEY PAINT INDUSTRY: EVER GROWING DEMAND
TURKEY PAINT INDUSTRY
With ~$2 billion,
Europe’s 3rd largest market
POLİSAN BOYA
Decorative Segment, which has
~60% share, drives growth
7%
6% 3%
Growing Production Over the Years
2%
Great Britain
Spain
4 major players capture 70% share
in the market
Water based
Relatively lower consumption
suggesting further growth
Solvent based
Thinner
Glue
2013
2011
2009
2007
2005
2003
Powder
2001
Turkey
Others
1999
Metal
Sea
1997
Wood
Automotive
1995
Decorative
1993
France
1991
Germany
1989
Italy
1987
58%
14%
1985
10%
Road Marking Paint
Leader in Revenue and Volume in Decorative Paint
Polisan
Market
102%
6
2013
India
2012
Turkey China
2011
UK
0.5
2010
France
1.6
2009
US
7.0
2008
17.0
2007
19.5
2006
22.0
2005
62%
POLİSAN BOYA’S DIFFERENTIATION STRATEGY: VALUE FOR MONEY
BEST
QUALITY & SERVICE
Innovative products and services
1


Firsts globally:
 Home Cosmetics concept
 Water based metal paint
 Polisan Insulation Insurance

Firsts in Turkey:
 Interior and exterior paint
 POS based loyalty program
 Water based mix machine
MOST EXTENSIVE
SALES CHANNEL
Water based paint production
with mix machines
 At factory quality
 Effective stock management
of 5,000 SKU with optimix
reader
2


Leveraged distributors and
dealers as a manufacturing hub
 2,000 dealers using mix
machines
36 distributor
7.000 dealer
650
4 Chain Stores
Direct Retailer 140 Shops
1,000 EXCLUSIVE SHOPS
7
HIGH
BRAND AWARENESS
Brand of Preference of A,B,C
Group, 25+ Females
 Decoart Effect Series
 Wall Motives
 Paintable Wall Papers
 Paint Perfume
3



Call Center
Comfortable Polisan Shops
STRATEGY: CONTINUE LEADERSHIP WITH PROFITABLE GROWTH
There are 18 million households in Turkey to be renovated and isolated
Young & growing
population
INDUSTRIAL
Obligation to isolate
exterior walls
FURNITURE
Renovation and new
buildings
Insulation Revenues
2008-2014 CAGR: 61%
MARINE
2008
To grow in all segments in
paint
8
2009
2010
2011
2012
2013
2014
To Lead growing insulation
market
To expand auxiliary product
business
TURKEY SEABORNE TRADE: 5. IN EUROPE
IN TURKEY, SEABORNE TRADE GROWS 40% ABOVE GDP
SEABORNE TRADE GROWS OVER ~37% OF THE WORLD’S GDP
35%
170%
30%
160%
25%
150%
20%
15%
140%
10%
130%
5%
0%
120%
2005
-5%
110%
2011
2007
2003
1999
1995
1991
1987
1983
1979
1975
1971
1967
1963
100%
-10%
2007
2008
GDP
AVERAGE
GROWTH:
TURKEY IS THE 5. IN EUROPE IN SEABORNE TRADE
2006
4.3%
2009
2010
2011
2012
2013
Seaborne Trade
Poliport
6.3%
12%
POLIPORT CONTINUES ITS PROFITABLE GROWTH TREND
600,000
45.0
120%
500,000
384,931
400,000
300,000
27.3
25.0
213,105
2004
Holland
21.1
28%
200,000
2005
UK
2006
2007
Italy
2008
2009
2010
2011
Spain
Turkey
France
2012
2013
29.4
23.3
39%
38%
44%
32.7
28.6
26.3
41%
42%
49%
5.0
70%
20%
Germany
CARGO HANDLED
(2004-2013):
22%
-13%
-55%
11
%81
81%
2%
11%
CAGR
(2004-2013):
2.2%
-1.6%
-0.6%
1.1%
6,8
6.8%
0.2%
1.1%
9
2014
2008
-15.0
2009
2010
Revenue
2011
EBITDA
2012
2013
EBITDA Margin
Source: Clarkson Research Services Ltd 16 Mayıs, 2014; Eurostat http://epp.eurostat.ec.europa.eu/tgm/table.do?tab=table&init=1&language=en&pcode=ttr00009&plugin=1 and
Republic of Turkey, Ministry of Transport, Maritime Affairs and Communications Directorate General of Merchant Marine
* 2014 GDP estimate: http://www.imf.org/external/datamapper/index.php
2014
-30%
KOCAELI PORT: TURKEY’S LARGEST NATURAL PORT
TURKEY SEABORNE TRADE
BY CARGO TYPES
KOCAELI PORT
KOCAELI PORT
LEADS TOTAL CARGO HANDLED WITH 15%
2%
31%
%15
22%
23%
15%
3%
3%
3%
28%
16%
Container
Bulk Liquid
General Cargo
Vehicles
ROTTERDAM PORT
11%
11%
8%
8%
Dry Bulk
Kocaeli
Ambarlı
TURKEY SEABORNE TRADE
BY REGIMES
Botaş
Tekirdağ
Aliağa
İzmir
Mersin
Gemlik
İskenderun
Others
KOCAELI PORT
LEADS FOREIGN TRADE WITH 18%
13%
22%
18%
13%
ANVERS PORT
4%
13%
4%
6%
74%
4%
Foreign Trade
10
Transit
Cabotage
Source: Republic of Turkey, Ministry of Transport, Maritime Affairs and Communications Directorate General of Merchant Marine
Kocaeli
Tekirdağ
11%
9%
Aliağa
Botaş
10%
Mersin
Gemlik
İskenderun
İzmir
Ambarlı
Others
POLIPORT: THE LEADING TERMINAL IN KOCAELİ PORT
TEM highway
Cargo handled in 2014: 4.1 mln ton
3
2
Dry Bulk and
General Cargo
Loading &
Unloading
CLOSE PROXIMITY TO STRATEGIC GATEWAYS





11
Close to İstanbul, Sabiha Gökçen
Airport, TEM and D-100 Highways
Crossed by the Railway
One of EU’s 10 major ports
Located on an industrial zone where
~42% of Turkey’s GDP generated
103 km sheltered coastline with
easy access and 80 mln ton capacity



Services on a 160,000 m2 land
Terminal and General Cargo
Services total handling capacity:
6 mln ton/year
Bulk liquid storage capacity:
200.000 m³
Storage and logistic services at
29,000 m2 warehouse
1
Warehouse
Bulk Liquid
Storage
Bulk Liquid
Loading &
Unloading
LONG TERM GROWTH STRATEGY
HIGH MARGIN SERVICES

3
Railway




New business opportunities with
multinational companies
Further capacity increase through
relocation of Polisan Paint
Change in the supply-demand
balance in favor of Poliport
Increasing revenues and profitability
in the niche market
PORT VALUATIONS
Poliport
Mersin Port
Samsun Port
I skenderun Port
Derince Port
Transaction date:
August 14, 2005
Transaction date:
May 16, 2008
Transaction date:
September 28, 2010
Transaction date:
June 5, 2014
Transaction date:
December 19, 2014
Cargo handled:
4.1 mln tons (2014)
Cargo handled:
17.2 mln tons (2004)
Cargo handled:
1.6 mln tons (2007)
Cargo handled:
2.4 mln tons (2009)
Cargo handled:
2.4 mln tons (2013)
Greenfield
Operation
Dry bulk: 3.6 $/ton
General Cargo: 3.6 $/ton
Bulk liquid: 22.6 $/ton*
$755 mln
+
$125 mln
6%
44%
34%
16%
12
43%
Dry Bulk
$543 mln
$372 mln
2%
0%
Bulk Liquid
Petkim
3%
30%
35%
39%
0%
55%
34%
G. Cargo
0%
57%
$250 mln
Petkim sold 30%
of Petlim Port
to Goldman
Sachs.
Container
* As 4.1 million ton handled in 2014 includes the Barge Handling, which does not generate revenues, it is not included per ton price calculation of Bulk Liquid.
Warehouse: 7.3 $/ton
2014 warehouse revenues:
$4.4 mln)
19%
42%
39%
0%
CHEMICAL ACTIVITIES: POLISAN; FROM BASEMENT TO ROOF ...
POLISAN
CHEMICALS

13
Revenue breakdown:
 Formaldehyde and
Formaldehyde resins:
63%
 Production of
Concrete and Cement
Admixtures: 21%
 Aus-32 (AdBlue©):
9%
POLISAN
CONSTRUCTION
CHEMICALS

Marketing and sales of:
 Concrete and
cement admixtures
produced by Polisan
Chemicals for the
cement industry
ROHM & HAAS
(DOW)


Polisan Chemicals is the
Turkey’s 1st emulsion
polymer producer
 Selling and marketing
of emulsion polymers,
their raw materials
In 2004, a JV was formed
with Rohm & Haas;
 Partnership continues
with Dow Chemicals
since Rohm & Haas’
acquitision in 2009
POLISAN
HELLAS


Operational in Greece
The sole Polyethylene
Terephthalate (PET) resin
and preform producer in
Greece and Balkan region
POLISAN HELLAS: INTERNATIONAL EXPANSION
TRANSACTION HIGHLIGHTS




14
Polisan Hellas bought 100% of the assets of Artenius
Hellas in Greece
Polisan Hellas is being controlled by Polisan Holding
The sole Polyethylene Terephthalate (PET) resin and
preform producer in Greece and Balkan region
Capacity: Production of over 80,000 tons/annum of
PET resin or bottle preforms
UTILIZING LOGISTIC SYNERGIES





Over 35,000 m2 industrial land with all required
infrastructure and staff
A potential market for Polisan Holding operations
Chemicals distribution opportunity in the mid-term
Acting as a marketing company in the EU for all
products currently produced in Turkey
Substantial EU grants for new industrial investments
POLISAN HOLDING’S PROPERTIES: ~TRY800 MILLION
ONGOING PROJECTS
Z OFFICE
PENDIK
28 shops, 126 offices
TRY73 mln
180,821 m2 land
TRY169 mln
• Rapid urbanization area
• Easy transportation
• Access to Çağlayan –
Kağıthane road
• Joint commercial real estate
project with DAP Yapı: 58%
• Polisan Yapı: 42% (9,773 m2)
• Sales and rentals started
• Next to Sabiha Gokcen Airport
• On the Istanbul-Ankara Fast
Railway Line
• 2 km to E- 5 Pendik junction
and the coast
• Easy access to Motorway E-6
• Agreed with DAP Yapı
• DAP Yapı plans a TRY1.5 bln
investment for 3,000-unit city
15
OTHER PROPERTIES
PRODUCTION FACILITIES
POLIPORT
POLISAN
146,051 m2
TRY300 mln
90,142 m2
TRY122 mln
• In Kocaeli Dil
İskelesi
• Rented for 49
years
• In Kocaeli
Dilovası
• Owned by
Polisan Kimya
INVESTMENT PROPERTIES
Other land and real estates
TRY150 mln
•
•
•
•
•
•
•
Kocaeli – GebKim:
Kocaeli – DOSB:
Kocaeli – Farm:
Aydın – Land:
Kocaeli-Aysan:
Balıkesir-İvrindi:
Other (land, estate):
TRY71 mln
TRY26 mln
TRY14 mln
TRY4 mln
TRY25 mln
TRY3 mln
TRY7 mln
Source: Polisan Holding; expertize valuation reports.
* There is a 1,500 decare forestry, taken care by Polisan Kimya, around the 120 decare farm in Kocaeli, Gebze.
** The land in Aysan is purchased for €9 million in 2013 and that its value is calculated based on the Turkish Central Bank’s € Buying Rate (2.8207) as of December 31, 2014.
*** The expertize value of 2,484,704 square meter land in İvrindi is TRY2,742,300. The value of the 336 decare land bought for TRY1 per square meter is also presented in the table.
POLİSAN AGRICULTURE: MEANINGFUL CONTRIBUTION IN 7 YEARS
SHORT TERM CONTRIBUTION

Polisan Tarım carries out trials:
 To be Turkey’s largest ornamental plant producer
• Blue Cypress (Cupresssu Arizonica)
• Leyland Cypress (Cupressocyparıs Leylandi)
• Golden Thuja (Thuyo Orientalis)

To form Turkey’s largest Stevia production parcel
• Used as food additive and sweetener in
developed countries such as Japan
Land
Time
Amount
Revenue
Ornamental Plant
1.5 da
2 years
1,200 units
TRY5,500
Stevia
2 da
2 years
412 kg
TRY2,900
90 decare land
6,000 seedlings
TARGET
LONG TERM CONTRIBUTION



16
Turkey is a net importer of walnuts and almonds:
 $208 million (2012/2013 period)
Ministry of Forestry and Water Affairs’ Action Plan:
 8 mln almond seedlings through 2013/17
 5 mln walnut seedlings through 2013/16
Revenue generation is expected in 7 years.
 $30-35 mln top-line contribution
 Generous EBITDA margin levels of ~70%
# of seedlings
2014 Planted
2015 Planted
2015 to be Planted
Total as of 2015 YE
TARGET
Walnut
200,000
22,500
23,500
27,500
73,500
Almond
200,000
22,000
15,000
37,000
Amount: 6,000 tons/year
Price: ~TRY10/kg
Land (da)
1,000
730
1,160
2,890
10,000
FINANCIAL HIGHLIGHTS: REVENUE GROWTH TREND CONTINUES
POLISAN HOLDING FINANCIAL RESULTS
TRY million
2013
2014
YoY (%)
Revenue
584.5
772.7
32.2%
123.4
191.2
153.2
24.2%
-19.9%
EBITDA
90.7
100.4
10.8%
9.4
27.5
14.8
57.2%
-46.1%
15.5%
13.0%
-2.5 p.p.
7.6%
14.4%
9.7%
2.1 p.p.
-4.7 p.p.
29.0
43.1
48.9%
-0.8
-1.0
23.1
n.m.
n.m.
EBITDA Margin
Net Income



17
Q4 2013 Q3 2014 Q4 2014 YoY (%) QoQ (%)
In 2014, the growth trend in Polisan Holding revenues continued
 32.2% YoY growth: TRY137.7 mln Polisan Hellas impact, paint and port business
EBITDA margin was at 13.0%
FINANCIAL RESULTS EXCL. POLISAN HELLAS IMPACT
TRY million
Q4 2014 YoY (%) 2014 YoY (%)
 Excl. Polisan Hellas impact: 18.2%
109.2 -11.5% 635.0
Revenue
8.6%
TRY43.1 mln net income was recorded
18.7
EBITDA
98.2% 115.3 27.2%
 Increasing EBITDA contribution of
17.1% 9.5 p.p. 18.2% 2.7 p.p.
EBITDA Margin
subsidiaries compared to 2013 (TRY25 mln) Net Income
29.2
63.2 118.2%
n.m.
 Increase in the contribution of asset revaluation
POLISAN HOLDING: CASH POSITION AND CAPITAL EXPENDITURES
TRY mln* as of 2014
Balance Sheet (TRY mln)
2013
2014
87.2
80.5
1,168.9
1,529.2
Short Term Debt
163.1
335.5
Long Term Debt
160.3
77.9
Net Debt
236.2
332.8
Total Equity
591.2
798.1
Cash & Cash Equivalents
Total Assets
TRY
Cash
80.5
56%
44%
29%
LT
ST Debt
335.5
71%
Capex (TRY mln)
2013
2014
61.0
72.0
Paint
9.3
10.7
Port
7.1
13.9
Chemical activities
28.9
21.2
Consolidated Capex
18
18%
LT Debt
*The figures on this slide based on IFRS report and F/X vs TRY breakdown of cash and debt breakdown is as of 2014
77.9
82%
FX
POLISAN HOLDING: 2014 RESULTS AND 2015 GUIDANCE
2014 ACTUAL
Annual
Revenue
Growth
Annual
EBITDA
Margin
Capex
19
TRY773 mln
32% YoY Growth
13.0%
TRY72 mln
2015 TARGETS
2015 GUIDANCE
Revenue increase in
all business lines
20%
Growth
compared to
2014
Polisan Hellas:
aiming breakeven
Polisan Kimya:
higher profitability
Poliport, Polisan Boya:
similar levels
+1 p.p.
Growth
compared to
2014
Capacity
improvements
Similar to that in
2014
* Polisan Holding guided for a similar revenue growth to that in 2013 (excluding Polisan Hellas) initially. However, revised its target later due to the geopolitic developments.
BACK UP
POLISAN HOLDING: BOARD OF DIRECTORS
Necmettin Bitlis
Chairman
Ahmet Faik
Bitlis
Board Member
Fırat
Yemeniciler
Board Member
21
High School
72 years of work experience
Dilovası Industrial Zone Chairman
Chairman of Polisan Holding, Polisan Boya,
Polisan Kimya, Poliport, Polisan Tarım, Polisan
Yapı and Şark Mensucat
Founding member of Malatya Education Fund
President of Dilovası Industrial Zone
Entrepreneurs’ Board
Member of Turkish Industry and Business
Association
Deutsche High School
Bosphorus University, Industrial Engineer (BSc)
27 years of work experience
Board member of Polisan Holding, Polisan Boya,
Polisan Kimya, Polisan Tarım, Polisan Yapı, Şark
Mensucat, Poliport and Rohm and Haas
Chairman of Polisan YapıKim
Member of Board of Directors at Deutsche High
School Culture and Education Fund
BOSAD Chairman
İMMİB Board Member
Saint Joseph High School
University of Istanbul, Chemical Engineer (BSc)
University of Brussels, Petrochemicals (MSc)
General Manager of Union Carbide between
1993-1995
20 years at Polisan Group
Board member of Polisan Holding, Polisan
Hellas and Poliport
GM of Poliport
Vice President of Port Operations Committee
Council Member at Chamber of Shipping
Mehmet Emin
Bitlis
Deputy Chairman
Fatma Nilgün
Kasrat
Board Member
İzzet Özberki
Independent
Board Member
Bundesaufbau Gymnasium
Wirtschafts Universität (BSc),
Austria
29 years of work experience
Deputy Chairman of Polisan
Holding, Polisan Boya, Polisan
Kimya, Polisan Tarım and
Polisan Yapı
Board member of Poliport,
Polisan Hellas, Şark Mensucat
and Rohm and Haas
Notre Dame de Sion High
School
ITU, Chemical Engineer (BSc)
27 years of work experience
Board member of Polisan
Holding, Polisan Boya, Polisan
Kimya, Polisan Tarım, Polisan
Yapı, Şark Mensucat and
Poliport
Galatasaray High School
University of Ankara; Political
Sciences (BSc)
METU, Economics (MSc)
Research Fellow at Gazi
University for 5 years
30 years of work experience
Corporate Financier (CF)
degree from the Institute of
Chartered Accountants of
England and Wales
Ahmet Ertuğrul
Bitlis
Board Member
Erol Mizrahi
Board Member
Ahmet Temizyürek
Independent
Board Member
University of Boston ,USA
Production Engineer (BSc) and
Mechanic Engineer (MSc)
28 years of work experience
Board member of Polisan
Holding, Polisan Boya, Polisan
Kimya, Polisan Tarım, Polisan
Yapı and Şark Mensucat
Deputy Chairman of Poliport
University of Istanbul, Faculty
of Law
38 years at Polisan Group
Polisan Holding CEO since 2005
Board member of Polisan
Holding, Polisan Boya, Poliport,
Polisan Kimya, Polisan YapiKim,
Polisan Hellas, Polisan Tarım,
Polisan Yapı, Rohm and Haas,
and Şark Mensucat
University of Ankara; Political
Sciences (BSc)
University of Boston, Financial
Economy, E-Trade, Systems
and Technologies (MSc)
17 years of Auditing
experience as State Officer
Sworn Financial Advisor for 2
years
POLISAN HOLDING: EXECUTIVE COMMITTEE
Erol Mizrahi
Polisan Holding
CEO
Necati Hakoğlu
Site Director
22
University of Istanbul, Faculty of
Law
38 years at Polisan Group
Polisan Holding CEO since 2005
Board member of Polisan Holding,
Polisan Boya, Poliport, Polisan
Kimya, Polisan YapiKim, Polisan
Hellas, Polisan Tarım, Polisan Yapı,
Rohm and Haas, and Şark
Mensucat
ITU, Chemical Engineering
IU, Institute for Excellence in
Business Education (MBA)
30 years work experience at
Henkel and Cognis after spin-off
of Henkel
8 years at Polisan Group
General Manager of Sark
Mensucat
Kocaeli Chamber of Industry,
Board Member
Turkish Chemical Manufacturers
Association, Board Member
Turkish Quality Association ,
Executive Committee Member
Fırat
Yemeniciler
Poliport GM
Ahmet Türkselçi
HR Director
Saint Joseph High School
University of Istanbul, Chemical
Engineer (BSc)
University of Brussels,
Petrochemicals (MSc)
General Manager of Union
Carbide between 1993-1995
20 years at Polisan Group
Board member of Polisan Holding,
Polisan Hellas and Poliport
GM of Poliport
Vice President of Port Operations
Committee
Council Member at Chamber of
Shipping
Hacettepe University;
Faculty of Economics &
Administrative Sciences,
Department of Economics
31 years work experience, various
managerial positions in Banking
and Manufacturing
HR Director at Polisan Holding
since July 2012
Member of Peryön
Haluk Erşen
Polisan Kimya
GM
ITU, Chemical Engineering (BSc)
Polymers Chemistry (MSc)
Research Fellow at ITU until 1981
Various managerial positions at
Yasar Group multinational JV‘s
Joined Polisan Holding in 1994
General Manager of Rohm and
Haas, Turkey between 1999-2009
GM of Polisan Kimya since 2009
Board member of Polisan YapıKim
and Polisan Hellas
POLISAN HOLDING: MILESTONES
2014
2013
2012
Launch of Polisan POS
Loyalty Programme
2011
Introduced «Home
Cosmetics» concept globally
2008
2006
Launch of Mix Centers
2000
1985
The first manufacturer of
Formaldehyde in Turkey
The first manufacturer of
emulsion resins in Turkey
Launch of Şark Mensucat
at Kağıthane
1971
1968
1964
1961
1956
23
First textile plant at Zeytinburnu
Establishment of Poliport
2004
2009
Production of concrete
additives and AdBlue©
SOCIAL RESPONSIBILITY PROJECTS: TARGETING WOMEN
Every Voice is a Breath
24
Dance with Polisan
Everything for Little Hearts
TURKEY: 13TH MOST ATTRACTIVE FDI DESTINATION IN THE WORLD
GROWING ECONOMY WITH A YOUNG POPULATION

6th largest
economy in the EU

Institutionalized
economy fueled by
$135 billion FDI in
the last decade

Inflation at single
digits
25
Source: www.invest.gov.tr
Turkish Statistical Institute (TurkStat)
2012
2013
GDP (Current Prices)
$786 billion
$820 billion
GDP Per Capita
$10,497
$10,782
Population
75,627,384
76,667,864
Foreign Direct Investment
$10.8 billion
$12.9 billion
Inflation Rate
6.2%
7.4%
Current Deficit / GDP
-6.1%
-7.9%
Unemployment
9.2%
9.7%
TURKEY: 16TH LARGEST ECONOMY IN THE WORLD
Real GDP growth of 5% on average
between 2002 - 2012:

Increasing role of private sector

Enhancing efficiency and
resiliency of the financial sector

Social security system on a more
solid foundation

Solid macroeconomic
fundamentals
3.6
3.5
Turkey
Chile
Slovakia
Poland
Brazil
Bulgaria
2.9
Czech Republic
South Africa
2.5
Mexico
Source: www.invest.gov.tr
Romania
1.6
US
1.1
1.0
Euro Area (17)
26
Hungary
0.8
Japan
3.3
3.5
4.3
4.5
4.7
5.0
AVERAGE ANNUAL REAL GDP GROWTH (%) 2002-2012
TURKEY: ECONOMY IS TO CONTINUE TO GROW
Continuing
GDP
growth
6%
9%
5%
8%
7%
5%
9%
1%
2003
2004
2005
2006
2007
2008
2009
2010
$ billion
Single
digit
inflation
88
117
2002
2003
4%
3%
161
190
225
2004
2005
2006
277
2007
334
243
2008
299
2009
2010
7%
6%
2009
2010
2011
2012
2013
2014E
376
389
403
400
2011
2012
2013
2014
6%
7%
8%
2012
2013
2014
30%
18%
2002
27
2%
-5%
2002
Increasing
Foreign
Trade
Volume
9%
2003
9%
8%
10%
8%
10%
2004
2005
2006
2007
2008
Source: GDP: http://www.imf.org/external/datamapper/index.php
Turkish Statistical Institute (TurkStat)
10%
2011
THANK YOU
Telephone
Fax
Email address:
00 90 216 5785600
00 90 216 5737792
yatirimciiliskileri@polisanholding.com.tr
investorrelations@polisanholding.com.tr
www.polisanholding.com.tr